Page 33: of Marine News Magazine (March 2026)

32 34

Feature

OSVs

Capital Returns — Carefully Among these challenges are the rising costs associated with

At the late 2025 Marine Money event in New Orleans, drilling wells in the GOA.” on a panel devoted to OSVs, Morten Arntzen, senior Rigdon suggested that this trend is prompting clients to shipping advisor at Macquarie, described how the Aus- reevaluate whether and how they can achieve the required tralia-based infrastructure and equipment ? nancing giant rates of return to justify new drilling activity and produc- has navigated the sector. He explained that Macquarie tion growth. As a result, vessel demand could soften over entered ship ? nance beginning in 2016 “at a time that time, although the supply dynamics of deepwater OSVs a number of banks were either exiting or reducing their must also be considered.

exposure — many because they lost hundreds of millions In a previous posting, Rigdon described one work- in the offshore sector.” around in play — vessel sharing — “where one vessel

The brighter prospects for OSVs alluded to by Arnt- serves multiple client locations,” calling it a game-changer zen come with the potential cost of greater volatility on for ef? ciency and cost savings across the Gulf of America. the horizon. In 2025, geopolitics — and potential shifts “Vessel sharing not only reduces fuel use and operational in the energy supply landscape — have loomed large. As costs but could also play a pivotal role in making the next oil supply has increased, with greater output from exist- generation of OSVs ? nancially viable,” he wrote.

ing resources among OPEC+ producers, prices have slid downward toward the $60 to $65 per barrel range for Timing the Market benchmark Brent crude. At that price, new investment in Back at Marine Money, Arntzen explained that Mac- offshore drilling — and in supporting equipment, includ- quarie has roughly $1 billion in loans outstanding in the ing OSVs — may be limited. offshore sector, with no losses on its books. The secret, he revealed, was timing.

Headwinds in the Gulf “We did not lend any money until 2022 to the offshore

The view from one highly informed insider was outlined sector,” he said — a time when crude oil prices had peaked in an online posting by Matthew Rigdon, chief operating and turned downward, with Brent pricing averaging above of? cer of New Orleans-based OSV operator Jackson Off- $100 per barrel — adding that “we are growing and look- shore. In a January 2026 assessment of the marketplace ing for business in the sector.” published on Jackson’s website, Rigdon wrote: Arntzen said Macquarie is looking to expand its pres- “There are emerging headwinds in the offshore oil and ence in the U.S. marketplace, following successes inter- gas industry in the Gulf of America that many operators nationally. Highlighting the bank’s decision on timing its are citing as challenges to growth in activity in the region. market entry, he said, “The world has re-discovered that

Service Tide, a PX 105 PSV presently working North Sea.

Iain Cameron